Last Friday, I got the chance to speak at IA Watch’s Cybersecurity for Financial Services. I was joined by tech visionary Wes Stillman, CEO of RightSize Solutions. We presented for forty-five minutes on the importance and nuances of data loss prevention; One part of a series on technology, tools, and practices central to cybersecurity. As a provider of managed IT services for RIAs, Wes focused on the precautions and steps all financial service companies should be taking, and I spoke towards how technology vendors and broker dealers are assisting in this cause.
Our presentation focused on a couple of key topics and questions, including:
- Defining Data Loss Prevention (DLP)
- Highlighting DLP’s role in the Advisor Operating Environment
- Identifying the biggest risk areas for data loss
- Discussing the risks and benefits of working with a large network of technology vendors
- Recognizing some of the many tools and technology offerings that support DLP
- Providing some common-sense tips around physical security, social media, and insider threats
As financial technology gravitates towards centralized platforms and mass integrations, we should be cognizant of the amount of data flowing between vendors, and realize the potential threats. Financial technology companies need to make data security one of the key features of products.
This presentation couldn’t have come at a better time. With the recent Equifax data breach and clarifying report on the breadth of the 2013 Yahoo data breach, cybersecurity on everyone’s minds.